Gold sales drop by 10% during this Chinese New Year

BANGKOK, 30 Jan 2014, Gold sales during this Chinese New Year have dropped by 10%, as worries over the political crisis in Thailand have adversely affected consumers’ decision, said the Gold Trader Association,

The comment was made by Jitti Tang Sittiphakdee, the president of the association, who pointed out that political gatherings prompted consumers to be extra careful with their spending, adding that protesters also made traveling to gold shop more difficult. However, he was confident that gold sales would pick up tomorrow, the last day of the Chinese New Year festival.

He also speculated that gold prices would gain a momentum after the Lunar New Year, citing the public debt ceiling issue and the U.S.’s Quantitative Easing measure as the main factors dictating the prices. According to him, gold prices would likely move between 1,170 -1,450 U.S. dollars per troy ounce in the international market, while domestic gold should be traded in the range of 17,000 – 22,000 baht per one baht weight of gold.